State Social Protection Fund (SSPF) reported that it allocated to its local offices pension funds for December 2012. In December, the payment will be 209 million manat, all expense accounts are closed, so there is no debt to pensioners.
As the Chairman of the Fund Salim Muslimov said this year the allocation from the state budget to the treasury accounted 1.044 billion manat. Legislative expectations for revenue were at 2 billion 454.3 million manat, while actually received was 2 billion 484.2 million manat.
According to him, on the treasury account there is about 24 mln AZN of additional funds that will be used to finance the following year.
"As of October 1, the average monthly pension in Azerbaijan is 152 manat, and on age it is 168 manat. In 2013, pensions will increase by 9.1% under the expected inflation rate less than 6%, and the average will be 163 manat. The pension sum will exceed $ 200 for the first time," he added. - 17D-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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